Buffett/Berkshire - general news

[DooDiligence]

The curse of the noid is lifted.

 

 

Edited November 14 by DooDiligence

[gfp]

Sorry if this was already posted - long letter from Warren

https://www.berkshirehathaway.com/news/nov2524.pdf

 

"

By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth."

Edited November 25 by gfp

[73 Reds]

8 minutes ago, gfp said:

Sorry if this was already posted - long letter from Warren

https://www.berkshirehathaway.com/news/nov2524.pdf

 

"

By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth."

Thanks for posting.  There's a lot there under the surface.

[longlake95]

unwavering - class act 

[John Hjorth]

1 hour ago, gfp said:

Sorry if this was already posted - long letter from Warren

https://www.berkshirehathaway.com/news/nov2524.pdf

 

"

By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth."

 

It's an awesome piece!, written by a man of high age.

 

However, I think it perhaps is in need of some conceptual backdrop, to fully realize and to grasp everything here : 'We all, thereby also you, stand with one foot in the grave, so don't also place the other foot on a banana shell.'

[villainx]

"They are now 71, 69 and 66."

 

!

[villainx]

Was talking about BRK.  Or why I don't have any SP500 type holding, and manage a portfolio of stocks instead.  I brought up my portfolio while not 500 companies, is diverse enough to kinda be SP500 lite.  And besides, a large slug of that was in BRK, which is kinda like SP500 but with a big cash pile as a safety blanket. 

 

Regardless of everything, seems like BRK is in pretty good position.  Fair to smidge overvalued?  Operationally seems ok.  Plus a ton of cash.  

[Pauly]

So if Warren and Susie had kept their original amount of shares from 2004 (508,998), they would be worth about $367 billion today. That would be 24th in the S&P 500 and more than the market cap of Bank of America. Amazing.

[DooDiligence]

2 hours ago, gfp said:

Sorry if this was already posted - long letter from Warren

https://www.berkshirehathaway.com/news/nov2524.pdf

 

"

By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth."

 

 

[Munger_Disciple]

3 hours ago, gfp said:

Sorry if this was already posted - long letter from Warren

https://www.berkshirehathaway.com/news/nov2524.pdf

 

"

By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth."

 

Great letter from Warren; oozes sincerity, wisdom, and class! 

[73 Reds]

2 minutes ago, wescobrk said:

I love the letter but disagree with not the ability to nothing with 10 million.

That has to be spending, at a minimum, 500k a year to not touch the principal and if they want to lower the 10 millon before they die they probably need to spend closer to 800k a year.

im pretty frugal so I wouldn’t even know how to spend that and adhere to what he said in the letter to avoid look at me living.

Buffett is a hero of mine but he sounds out of touch and elitist with this 10 million he keeps taking about .

I think it is all relative and his kids were not poor to begin with.  Chances are the $10 million would not affect their lives in any way.

[Parsad]

8 hours ago, gfp said:

Sorry if this was already posted - long letter from Warren

https://www.berkshirehathaway.com/news/nov2524.pdf

 

"

By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth."

 

One of one!  There will never be another like him and the world will be worse off without him.

 

I continue to be in awe of his intelligence, humility and wisdom!  Cheers!

[Eldad]

The grandchildren, who the hell knows what they are thinking. 
 

That was my favorite part. 
 

Enigmatic as always to me. What actually motivates him? Promises and shared values he had with a wife with whom he was separated. Lots of socialist ideas all mixed up with individualistic capitalism. 
 

It’s his money and I’m happy he is doing what he thinks is best. 
 

Edited November 25 by Eldad

[adesigar]

I don't know what but something about the letter made me feel like either he is planning to retire next year or something else is wrong. Could be why he has raised cash to over 325B.

[John Hjorth]

5 hours ago, Eldad said:

The grandchildren, who the hell knows what they are thinking. 
 

That was my favorite part. 
 

Enigmatic as always to me. What actually motivates him? Promises and shared values he had with a wife with whom he was separated. Lots of socialist ideas all mixed up with individualistic capitalism. 
 

It’s his money and I’m happy he is doing what he thinks is best. 
 

 

Personally, I think you're personally misinterpreting here, @Eldad.

 

Once, he had an 'adopted' kid - by marriage of his youngest son  - not being biological 'father'  to the daughter of such brought-in marriage kids, that young female creature stopped early being a false 'Buffett donation influencer', because the man send her a note [letter], whatever :'I haven't adobted you emotionally.'

[Spooky]

13 hours ago, adesigar said:

I don't know what but something about the letter made me feel like either he is planning to retire next year or something else is wrong. Could be why he has raised cash to over 325B.

 

Agree - seems like he is going to step down imminently.

[MarioP]

25 minutes ago, Spooky said:

 

Agree - seems like he is going to step down imminently.

Same thing here. I can imagine him asking Greg, Todd and Ted : what you don’t like about the portfolio? I’il put it in a state that will make you comfortable for the succession 

[Jaygo]

Warren Buffett is one classy guy. That letter does have a feel of goodbye in it which is sort of tough to take.

 

A public praising of his children is a nice touch that is somewhat rare in that generation. Bravo WB

 

His advice of discussing the will of a parent is very good advice, one I wish I had done with my dad as it may have made things easier to digest at a time of immense loss. Losing a friend and parent is not the best time to get bombarded with new information and a mountain of paperwork.

 

If WB does step down I selfishly hopes he writes a long letter to all of us. I could really do with one more dose of his wisdom. 

[Castanza]

On 11/25/2024 at 10:46 AM, villainx said:

"They are now 71, 69 and 66."

 

!

 

First kid when he was 23. All kids before 30. Pretty interested in contrast to todays average birth age (F27.5 & M30.9). 

[DooDiligence]

2 hours ago, Jaygo said:

Warren Buffett is one classy guy. That letter does have a feel of goodbye in it which is sort of tough to take.

 

A public praising of his children is a nice touch that is somewhat rare in that generation. Bravo WB

 

His advice of discussing the will of a parent is very good advice, one I wish I had done with my dad as it may have made things easier to digest at a time of immense loss. Losing a friend and parent is not the best time to get bombarded with new information and a mountain of paperwork.

 

If WB does step down I selfishly hopes he writes a long letter to all of us. I could really do with one more dose of his wisdom. 

 

I was very reluctant to talk with my Mom about this and as a result, I had no idea how things were set up when she passed. Everything went without a hitch as she had planned well but I feel like I cheated her the joy of talking about her final wishes. There's a lot of pride in passing on your life's work. If anyone else feels like they want to avoid appearing mercenary, don't, let them tell you how they want to pass things on to you. It makes me cry just writing this.

[John Hjorth]

27 minutes ago, DooDiligence said:

I was very reluctant to talk with my Mom about this and as a result, I had no idea how things were set up when she passed. Everything went without a hitch as she had planned well but I feel like I cheated her the joy of talking about her final wishes. There's a lot of pride in passing on your life's work. If anyone else feels like they want to avoid appearing mercenary, don't, let them tell you how they want to pass things on to you. It makes me cry just writing this.

 

You 'sailor' [former], now musician [piano, guitar],  DIY stock picker and muscle mountain with the big beard [Jeff [ @DooDiligence ]],

 

Wise words, and that you haven't lost the ability to produce tears in your eyes is a clear token of the quality of you personally as a hooman - a hooman with feelings.

 

Cry, then get up on your feet again, up on the horse! - and life will continue throwing curve balls your way!

 

Loosing parents - in most cases, one by one, - is not only life changing, - it's also - gradually personality changing for us all.

 

It's loosing the first consiglieres you ever relied on, and if you were lucky, they never - unconditionally -  let you down, no matter how stupid you have behaved and been.

[73 Reds]

56 minutes ago, DooDiligence said:

 

I was very reluctant to talk with my Mom about this and as a result, I had no idea how things were set up when she passed. Everything went without a hitch as she had planned well but I feel like I cheated her the joy of talking about her final wishes. There's a lot of pride in passing on your life's work. If anyone else feels like they want to avoid appearing mercenary, don't, let them tell you how they want to pass things on to you. It makes me cry just writing this.

I take issue with one part of Warren's letter, that you must share you Will with all *mature children* and get their input.  Wills can be changed as often, and as necessary as you want during your lifetime.  You never know when you have prepared your final Last Will and Testament.  Your situation changes, so does that of your intended beneficiaries.  There is also the question of what is meant by a "mature child".  Buffett's children were undoubtedly fully grown and financially independent when his last Will was drawn.  Not everyone is so lucky.  Most of us know mature 20 year olds and very immature 60 somethings.  If like many, you have children with varying levels of maturity, discussing your Will with any, but not all of of them can be a problem.  Finally, regardless of maturity, sharing your post-death intentions with children/beneficiaries ahead of time can create a legally unenforceable expectation by such beneficiaries (unenforceable should you change your mind and your Will).  You would neither want your children to live their lives with an expectation of an inheritance nor would you want to have to explain to them why you yourself changed your mind.  The one area where it is absolutely imperative to discuss your wishes in advance is in choosing a fiduciary (personal representative) to ensure that whoever you choose agrees, and is able to serve.  Even more important is when designating surrogates/powers of attorney for health or financial matters.  You should always obtain their consent and willingness to serve before designating anyone in such an important role.

[Blugolds]

1 hour ago, DooDiligence said:

 

I was very reluctant to talk with my Mom about this and as a result, I had no idea how things were set up when she passed. Everything went without a hitch as she had planned well but I feel like I cheated her the joy of talking about her final wishes. There's a lot of pride in passing on your life's work. If anyone else feels like they want to avoid appearing mercenary, don't, let them tell you how they want to pass things on to you. It makes me cry just writing this.

 

Amazing how loss can be quelled the majority of time day to day, but true love/loss never goes away, its always lurking there, just below the surface, waiting, ready to surprise you from a song, a smell, a memory. 

 

2020 and 2021 I lost the two most important people in my life, within 6 mo of each other, first my mom, unexpectedly and quick. We never discussed finances, she didnt have anything anyway and I was her only son. Next was my grandpa, who also lived a pretty simple life but had been successful in business when I was born, since Mom was gone her share passed to me. My Uncle, Aunt and I divided up the assets from my grandfather who passed at 91. The sums we are talking about would be fairly insignificant to anyone reading this, it didnt make that much difference to me monetarily, I was much more concerned about getting small trinkets that reminded me of way back when (i grew up living with my grandparents). To my Aunt and Uncle, the monetary value was all that mattered and they were ruthless! At times there was screaming, it was brutal and I could help but think that my grandfather would have had nothing to do with it, he would have been ashamed at their behavior. I ended up playing mediator despite a 30yr age difference and took the strategy of just trying to keep the piece, even if it meant I supplemented from my share, I had gotten what I wanted, some old tools to hand on the wall and an Eagle statue from the dining room. My point is, Warren’s advice to have these discussions BEFORE the emotions take over is fantastic advice, I think a lot of what I had to watch could have been avoided if everything was very clear rather than “share and share alike”. As other posters already commented, the LAST thing you want to deal with when your world has fallen apart is confrontation with those who are supposed to be support and partners processing grief.

 

Ive obviously never met WB, but like many here have the utmost admiration for him and have benefited from his ability and generosity sharing wisdom. I too feel the difficulty reading his letter, we all know that none of us get outta this alive, but that reality is still tough, Warren knows it too and he’s facing it with dignity and class right to the end. I cant help but stand, clapping for an encore. The show is coming to an end, the lights in the auditorium are dimming, but I dont wanna go home. Was tough to see the headlines when Charlie passed, but we still had Warren. When both are gone the finality of it will be difficult. I hope that the letter is just being responsible and preparation as planned, but my gut tells me he might sense the ride is coming to an end. 

[Munger_Disciple]

This is only tangentially related to BRK but Whitney Tilson is running for mayor of New York City.

 

https://archive.ph/1mIK3

[John Hjorth]

1 hour ago, 73 Reds said:

I take issue with one part of Warren's letter, that you must share you Will with all *mature children* and get their input.  Wills can be changed as often, and as necessary as you want during your lifetime.  You never know when you have prepared your final Last Will and Testament.  Your situation changes, so does that of your intended beneficiaries.  There is also the question of what is meant by a "mature child".  Buffett's children were undoubtedly fully grown and financially independent when his last Will was drawn.  Not everyone is so lucky.  Most of us know mature 20 year olds and very immature 60 somethings.  If like many, you have children with varying levels of maturity, discussing your Will with any, but not all of of them can be a problem.  Finally, regardless of maturity, sharing your post-death intentions with children/beneficiaries ahead of time can create a legally unenforceable expectation by such beneficiaries (unenforceable should you change your mind and your Will).  You would neither want your children to live their lives with an expectation of an inheritance nor would you want to have to explain to them why you yourself changed your mind.  The one area where it is absolutely imperative to discuss your wishes in advance is in choosing a fiduciary (personal representative) to ensure that whoever you choose agrees, and is able to serve.  Even more important is when designating surrogates/powers of attorney for health or financial matters.  You should always obtain their consent and willingness to serve before designating anyone in such an important role.

 

1 hour ago, Blugolds said:

Amazing how loss can be quelled the majority of time day to day, but true love/loss never goes away, its always lurking there, just below the surface, waiting, ready to surprise you from a song, a smell, a memory. 

 

2020 and 2021 I lost the two most important people in my life, within 6 mo of each other, first my mom, unexpectedly and quick. We never discussed finances, she didnt have anything anyway and I was her only son. Next was my grandpa, who also lived a pretty simple life but had been successful in business when I was born, since Mom was gone her share passed to me. My Uncle, Aunt and I divided up the assets from my grandfather who passed at 91. The sums we are talking about would be fairly insignificant to anyone reading this, it didnt make that much difference to me monetarily, I was much more concerned about getting small trinkets that reminded me of way back when (i grew up living with my grandparents). To my Aunt and Uncle, the monetary value was all that mattered and they were ruthless! At times there was screaming, it was brutal and I could help but think that my grandfather would have had nothing to do with it, he would have been ashamed at their behavior. I ended up playing mediator despite a 30yr age difference and took the strategy of just trying to keep the piece, even if it meant I supplemented from my share, I had gotten what I wanted, some old tools to hand on the wall and an Eagle statue from the dining room. My point is, Warren’s advice to have these discussions BEFORE the emotions take over is fantastic advice, I think a lot of what I had to watch could have been avoided if everything was very clear rather than “share and share alike”. As other posters already commented, the LAST thing you want to deal with when your world has fallen apart is confrontation with those who are supposed to be support and partners processing grief.

 

Ive obviously never met WB, but like many here have the utmost admiration for him and have benefited from his ability and generosity sharing wisdom. I too feel the difficulty reading his letter, we all know that none of us get outta this alive, but that reality is still tough, Warren knows it too and he’s facing it with dignity and class right to the end. I cant help but stand, clapping for an encore. The show is coming to an end, the lights in the auditorium are dimming, but I dont wanna go home. Was tough to see the headlines when Charlie passed, but we still had Warren. When both are gone the finality of it will be difficult. I hope that the letter is just being responsible and preparation as planned, but my gut tells me he might sense the ride is coming to an end. 

 

@73 Reds and @Blugolds,

 

Amazing posts by you both upstream in this topic earlier today. Thank you for sharing.